Results Review, 22 April 2015

CapitaMall Trust (CT SP)

Buy (Maintained)

Property - REITS Market Cap: USD5,778m

Target Price: Price:

SGD2.33 SGD2.25 Macro Risks

Yet Another Successful AEI

Growth Value

CapitaMall Trust (CT SP) Price Close

Relative to Straits Times Index (RHS)

2.30

111

2.25

109

2.20

107

2.15

106

2.10

104

2.05

102

2.00

100

1.95

98

1.90

97

1.85

95

1.80 30

93

0 0 . 2 0 0 1Q15 DPU rose 4.3% YoY to 2.68 cents, at 24% of our full-year estimates. . 0 Despite concerns over the impact from the e-commerce business, 0 shopper traffic grew 4.7% YoY while tenants’ sales psf increased 2.5% 0 YoY. Reiterate BUY with a DDM-derived TP of SGD2.33 (4% upside). CMT achieved a commendable portfolio positive rental reversion of 6.1%. Catalysts include yield-accretive acquisitions and higher rental rates on completion of AEIs.



25 20 15

Feb-15

Dec-14

Oct-14

Aug-14

Jun-14

5

Apr-14

Vol m

10



Source: Bloomberg

Avg Turnover (SGD/USD) Cons. Upside (%) Upside (%) 52-wk Price low/high (SGD) Free float (%) Share outstanding (m) Shareholders (%)

23.6m/17.3m -4.0 3.6 1.90 - 2.27 65 3,463

Capitaland Limited Nomura Asset Management NTUC Enterprise

28.0 7.7 5.7

Share Performance (%) YTD

1m

3m

6m

12m

Absolute

10.3

4.7

4.2

15.7

11.9

Relative

5.5

1.4

(1.5)

4.9

3.6

Shariah compliant

Ong Kian Lin +65 6232 3895 [email protected]

  2  . 2 0 . 2

   



Bugis Junction a boost to portfolio. CapitaMall Trust (CMT) reported a 4.3% YoY increase in 1Q15 distribution per unit (DPU), mainly boosted by the completion of asset enhancement initiative (AEI) at Bugis Junction. The refurbishment work contributed a respectable 24.2% YoY increase in the mall’s net property income. The REIT achieved a stable 6.1% positive rental reversion following the renewal of 173 new leases in the last quarter. The REIT’s all-in financing cost improved marginally to 3.4% (4Q14: 3.5%) with a higher debt maturity of 5.1 years (4Q14: 4.7 years). Its gearing remained unchanged at 33.8%, while portfolio occupancy rates fell to 97.2% (3Q14: 98.8%), mainly due to the AEI works at Clark Quay. Recently-refurbished Clark Quay achieves a whopping 33.2% positive rental reversion. Refurbishment works at Clark Quay were completed this month, and it is set to commence operations in 2Q15. This brought the transformation of 11,000 sq ft of space, bringing in fresh-to-market tenants and brands. In the last quarter, Clark Quay inked a total of 11 renewals, representing 11.6% of its net lettable area (NLA), booking in a whopping 33.2% positive rental reversion. In addition, AEI works for IMM Building, Bukit Panjang Plaza and Tampines Mall are on track and we are confident that CMT would continue to provide high returns on its AEIs – which are a catalyst to the counter. Maintain BUY with a DDM-derived TP of SGD2.33. We remain positive on CMT as we continue to see good returns on its AEI works. CMT is also the largest mall player in Singapore, benefitting from economies of scale. In addition, it is able to borrow at lower rates due to its low gearing and “A2” credit rating – which provide it with financial flexibility and a buffer in the event of an interest rate hike.

Forecasts and Valuations

Dec-13

Dec-14

Dec-15F

Dec-16F

Dec-17F

Total turnover (SGDm)

638

659

650

664

675

Net property income (SGDm)

439

448

447

457

464

Reported net profit (SGDm)

574

619

454

458

476

Total distributable income (SGDm)

367

412

383

385

403

0.10

0.11

0.11

0.11

0.12

DPS (SGD) DPS growth (%)

8.9

5.3

2.0

0.5

4.5

Recurring P/E (x)

13.6

12.6

17.1

17.0

16.4

P/B (x)

1.30

1.24

1.23

1.21

1.20

Ivan Looi +65 6232 3841

Dividend Yield (%)

4.6

4.8

4.9

4.9

5.2

[email protected]

Return on average equity (%)

9.8

10.1

7.2

7.2

7.4

Return on average assets (%)

6.0

6.5

4.6

4.6

4.7

3.71

3.53

3.20

3.27

3.33

Interest coverage ratio (x)

Source: Company data, RHB

See important disclosures at the end of this report

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1

CapitaMall Trust (CT SP) 22 April 2015 Figure 1: CapitaMall Trust's 1Q15 results summary (SGD m)

1Q14

4Q14

1Q15

%QoQ

%YoY

Gross revenue

164.7

165.2

167.4

1.3

1.6

Operating expenses

(50.4)

(59.2)

(49.7)

(16.2)

(1.6)

NPI

114.3

106.0

117.7

11.1

3.0

Share of results of JV

13.3

70.0

14.6

(79.1)

9.6

69.4

21.1

5.5

2.3

6.4

176.0

16.7

20.5

31.1

(10.4)

(10.6)

(10.7)

0.8

2.8

(43.5)

24.5

(0.9)

(1.9)

(1.0)

(46.5)

6.4

(3.9)

25.4

0.0

0.0

0.0

nm

nm

0.0

nm

121.8

165.8

127.0

(23.4)

4.3

489.3

26.0

Share of profit of associate (3 mths lag basis) Manager's management fees Trustee's fees Other trust expenses Net income before financing cost & tax

RHB FY15F % of Y15F Comments Gross revenue increased 1.6% YoY 649.7 25.8 mainly due to completion of AEI in Bugis Junction. Lower OpEx due to lower utilities (202.8) 24.5 partially offset by higher marketing expenses. 446.8 26.3

Interest income

2.5

6.8

3.7

(44.7)

48.3

14.9

25.1

Borrowing costs

(29.4)

(28.0)

(28.3)

1.3

(3.5)

(124.9)

22.7

94.9

144.6

102.4

(29.2)

7.9

379.3

27.0

Gains from revaluation

0.0

29.1

0.0

nm

nm

75.1

nm

Gains from derivatives

1.9

0.0

0.0

nm

nm

0.0

nm

Total return before tax

96.4

173.8

102.4

(41.1)

6.2

454.4

22.5

EBT

Tax

0.0

(0.0)

0.0

nm

nm

0.0

nm

Total return -reported

96.4

173.8

102.4

(41.0)

6.2

454.4

22.5

Total return (ex exceptionals)

94.5

144.7

102.4

(29.2)

8.4

379.3

27.0

6.0

(60.3)

4.3

nm

(27.7)

(71.2)

nm

102.4

113.4

106.8

(5.8)

4.2

383.2

27.9

Add-back: Non tax deductibles Income available for distribution Distributable income to unitholders

89.1

99.1

92.9

(6.3)

4.2

383.2

24.2

Number of units (end of period) ('m)

3,460

3,462

3,463

0.0

0.1

3,462

100.0

DPU (SGD-cts)

2.57

2.86

2.68

(6.3)

4.3

11.07

24.2

DPU excl. income retained (SGD-cts)

2.96

3.28

3.08

(6.1)

4.1

11.07

27.8

NAV

1.74

1.81

1.83

1.1

5.2

1.84

99.7

Payout ratio (%)

87.0

87.4

87.0

(0.4) ppt

(0.0) ppt

100.0

NPI margin (%)

69.4

64.1

70.3

6.2 ppt

0.9 ppt

68.8

Source: RHB

Figure 2: CMT – TP based on dividend discount model FY15F DPU (SGD cts)

11.07

TP (SGD)

2.33

Current price (SGD)

2.25

Price upside (%)

3.6

Distribution yield (%)

4.9

Total return (%)

8.5

FY16F FY17F FY18F FY19F FY20F Terminal value 11.13

11.63

11.62

12.18

12.20

274.34

Assumptions Risk-free rate (%)

3.0

Beta

0.92

Cost of equity (%)

8.1

Terminal growth (%)

3

Source: RHB, Company

See important disclosures at the end of this report

2

CapitaMall Trust (CT SP) 22 April 2015

Financial Exhibits Profit & Loss (SGDm)

Dec-13

Dec-14

Dec-15F

Dec-16F

638

659

650

664

675

(199)

(210)

(203)

(207)

(210)

Net property income

439

448

447

457

464

Management fees

(39)

(42)

(43)

(44)

(45)

(4)

(5)

(4)

(4)

Total turnover Property operating expenses

Trust expenses Operating EBIT Depreciation of fixed assets

396

402

(4) 416

-

-

-

397

403

399

409

416

Net income from investments

281

316

165

168

171

4

15

15

5

(114)

(125)

Interest expense Exceptional income - net Pre-tax profit Taxation Profit after tax & minorities Reported net profit

(107)

(1)

409

Operating EBITDA Interest income

(1)

399

Dec-17F

1 575 (1) 574

(0) 619

(125)

15 (125)

-

-

-

454

458

476

-

-

-

-

619

454

458

476 476

574

619

454

458

(207)

(207)

(71)

(73)

(74)

367

412

383

385

403

Dec-13

Dec-14

Dec-15F

Dec-16F

Dec-17F

396

402

399

409

416

1

1

-

-

-

18

6

(34)

4

3

Other operating cash flow

(24)

30

(41)

(48)

(38)

Operating cash flow

391

439

325

365

381

(15)

(15)

114

125

Adjustment for distributable income Total distributable income Source: Company data, RHB

Cash flow (SGDm) Operating profit Depreciation & amortisation Change in working capital

Interest received Interest paid Tax paid

(4) 107

(15) 125

-

-

-

494

538

435

485

491

Capex

(99)

(35)

(36)

-

-

Other investing cash flow

(20)

17

26

17

Cash flow from investing activities

(120)

(18)

(10)

17

27

Dividends paid

(341)

(370)

(383)

(385)

(403)

Other financing cash flow Cash flow from financing activities Cash at beginning of period Total cash generated Implied cash at end of period

(0)

125

Cash flow from operations

Increase in debt

(0)

(5)

(74)

318

101

(212)

(124)

(125)

(627)

(175)

1,118 (253) 866

830

(407) 1,130

344

18

1,174

1,147

8 (125) (502) 1,147 (0) 1,147

27

9 (125) (518) 1,147 (0) 1,147

Source: Company data, RHB

See important disclosures at the end of this report

3

CapitaMall Trust (CT SP) 22 April 2015

Financial Exhibits Balance Sheet (SGDm)

Dec-13

Dec-14

Dec-15F

Dec-16F

Dec-17F

830

1,130

1,147

1,147

1,147

Accounts receivable

22

25

22

22

23

Other current assets

0

(0)

Total cash and equivalents

Total current assets Total investments

-

-

0

851

1,155

1,169

1,170

1,170 8,908

8,362

8,644

8,755

8,831

Tangible fixed assets

2

2

2

2

2

Total other assets

5

57

57

57

57

Total non-current assets

8,369

8,704

8,815

8,891

8,968

Total assets

9,220

9,858

9,984

10,061

10,138

Short-term debt

150

762

635

250

505

Accounts payable

183

217

186

190

193

Other current liabilities

354

36

Total current liabilities

687

1,016

2,307 218

Total non-current liabilities

0

0

822

440

699

2,407

2,656

3,041

2,786

153

153

153

153

2,525

2,560

2,809

3,194

2,939

Total liabilities

3,211

3,576

3,630

3,634

3,638

Retained earnings reserve

6,009

6,282

6,354

6,426

6,500

Shareholders' equity

6,009

6,282

6,354

6,426

6,500

Total equity

6,009

6,282

6,354

6,426

6,500

Total liabilities & equity

9,220

9,858

9,984

10,061

10,138

Total long-term debt Other liabilities

-

Source: Company data, RHB

Key Ratios (SGD)

Dec-13

Dec-14

Dec-15F

Dec-16F

Dec-17F

Revenue growth (%)

(3.6)

3.3

(1.4)

2.2

1.6

Net profit growth (%)

7.1

7.8

(26.6)

0.8

4.1

EPS growth (%)

5.1

7.7

(26.6)

0.8

4.1

Bv per share growth (%)

5.3

4.5

1.1

1.1

1.1

90.1

93.9

69.9

68.9

70.6 4.7

Net profit margin (%) Return on average assets (%)

6.0

6.5

4.6

4.6

Return on average equity (%)

9.8

10.1

7.2

7.2

7.4

Net debt to equity (%)

27.1

32.5

33.7

33.4

33.0

DPS

0.10

0.11

0.11

0.11

0.12

Recurrent cash flow per share

0.14

0.16

0.13

0.14

0.14

Source: Company data, RHB

See important disclosures at the end of this report

4

CapitaMall Trust (CT SP) 22 April 2015

SWOT Analysis  Has a disciplined and cost-conscious management team

 E-commerce impact on retail sales

 Enjoys economies of scale. A first-in-class mall operator in Singapore

 Transition to lifestyle malls for all 16 properties

 Further sponsor injections  Redevelopment works at Plaza Singapura and Funan IT Mall

 Possible cannibalisation in Jurong East with IMM, JCube and Westgate. All eyes are on CMT to strategise the positioning of its three malls there  Saturation in the Singapore market

P/E (x) vs EPS growth

P/BV (x) vs ROAE

-10%

8.0

-14%

6.0

-18%

4.0

-22%

2.0

-26%

0.0

-30%

Jan-14

P/E (x) (lhs)

EPS growth (rhs)

Source: Company data, RHB

1.3

8.0%

1.3

6.0%

1.2

4.0%

1.2

2.0%

1.1

0.0%

P/B (x) (lhs)

Jan-17

10.0

10.0%

Jan-16

-6%

1.4

Jan-15

-2%

12.0

12.0%

Jan-14

14.0

1.4

Jan-13

2%

Jan-17

16.0

Jan-16

6%

Jan-15

10%

18.0

Jan-13

20.0

Return on average equity (rhs)

Source: Company data, RHB

Company Profile CapitaMall Trust is a real estate investment trust which owns and invests in retail properties primarily in Singapore. The company's properties are strategically located in the suburban areas and downtown core of Singapore.

See important disclosures at the end of this report

5

CapitaMall Trust (CT SP) 22 April 2015

Recommendation Chart Price Close 2.33

2.10

2.21

2.36

2.27

2.36 2.27

2.03

2.03

1.94

2.02

2.00

Recommendations & Target Price

2.05

2.3

1.90

2.4

2.2 2.1

2.0 1.9 1.8

1.7 Buy 1.6 Apr-10

Neutral

Sell

Jul-11

Trading Buy

Nov-12

Take Prof it

Not Rated

Feb-14

Source: RHB, Bloomberg Date

Recommendation Target Price

Price

2015-01-23

Buy

2.33

2.25

2014-10-20

Buy

2.10

1.95

2013-07-19

Buy

2.21

2.02

2013-04-22

Neutral

2.36

2.30

2013-01-21

Buy

2.27

2.17

2013-01-09

Buy

2.27

2.13

2012-12-03

Buy

2.27

2.05

2012-11-22

Buy

2.27

2.06

2012-10-22

Buy

2.36

2.13

2012-07-18

Neutral

2.03

1.97

Source : RHB, Bloomberg

See important disclosures at the end of this report

6

RHB Guide to Investment Ratings Buy: Share price may exceed 10% over the next 12 months Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain Neutral: Share price may fall within the range of +/- 10% over the next 12 months Take Profit: Target price has been attained. Look to accumulate at lower levels Sell: Share price may fall by more than 10% over the next 12 months Not Rated: Stock is not within regular research coverage Investment Research Disclaimers RHB has issued this report for information purposes only. This report is intended for circulation amongst RHB and its affiliates’ clients generally or such persons as may be deemed eligible by RHB to receive this report and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. 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RHB Research Institute Sdn Bhd has no obligation to update its opinion or the information in this report. Thailand This report is issued and distributed in the Kingdom of Thailand by RHB OSK Securities (Thailand) PCL, a licensed securities company that is authorised by the Ministry of Finance, regulated by the Securities and Exchange Commission of Thailand and is a member of the Stock Exchange of Thailand. The Thai Institute of Directors Association has disclosed the Corporate Governance Report of Thai Listed Companies made pursuant to the policy of the Securities and Exchange Commission of Thailand. RHB OSK Securities (Thailand) PCL does not endorse, confirm nor certify the result of the Corporate Governance Report of Thai Listed Companies. Indonesia This report is issued and distributed in Indonesia by PT RHB OSK Securities Indonesia. This research does not constitute an offering document and it should not be construed as an offer of securities in Indonesia. Any securities offered or sold, directly or indirectly, in Indonesia or to any Indonesian citizen or corporation (wherever located) or to any Indonesian resident in a manner which constitutes a public offering under Indonesian laws and regulations must comply with the prevailing Indonesian laws and regulations.

8

Singapore This report is issued and distributed in Singapore by RHB Research Institute Singapore Pte Ltd and it may only be distributed in Singapore to accredited investors, expert investors and institutional investors as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. By virtue of distribution to these categories of investors, RHB Research Institute Singapore Pte Ltd and its representatives are not required to comply with Section 36 of the Financial Advisers Act (Chapter 110) (Section 36 relates to disclosure of RHB Research Institute Singapore Pte Ltd ’s interest and/or its representative's interest in securities). Recipients of this report in Singapore may contact RHB Research Institute Singapore Pte Ltd in respect of any matter arising from or in connection with the report. Hong Kong This report is issued and distributed in Hong Kong by RHB OSK Securities Hong Kong Limited (興業僑豐證券有限公司) (CE No.: ADU220) (“RHBSHK”) which is licensed in Hong Kong by the Securities and Futures Commission for Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. Any investors wishing to purchase or otherwise deal in the securities covered in this report should contact RHB OSK Securities Hong Kong Limited. United States This report was prepared by RHB and is being distributed solely and directly to “major” U.S. institutional investors as defined under, and pursuant to, the requirements of Rule 15a-6 under the U.S. Securities and Exchange Act of 1934, as amended (the “Exchange Act”). RHB is not registered as a brokerdealer in the United States and does not offer brokerage services to U.S. persons. Any order for the purchase or sale of the securities discussed herein that are listed on Bursa Malaysia Securities Berhad must be placed with and through Auerbach Grayson (“AG”). Any order for the purchase or sale of all other securities discussed herein must be placed with and through such other registered U.S. broker-dealer as appointed by RHB from time to time as required by the Exchange Act Rule 15a-6. This report is confidential and not intended for distribution to, or use by, persons other than the recipient and its employees, agents and advisors, as applicable. Additionally, where research is distributed via Electronic Service Provider, the analysts whose names appear in this report are not registered or qualified as research analysts in the United States and are not associated persons of Auerbach Grayson AG or such other registered U.S. broker-dealer as appointed by RHB from time to time and therefore may not be subject to any applicable restrictions under Financial Industry Regulatory Authority (“FINRA”) rules on communications with a subject company, public appearances and personal trading. Investing in any non-U.S. securities or related financial instruments discussed in this research report may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange Commission. Information on non-U.S. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in the United States. The financial instruments discussed in this report may not be suitable for all investors. Transactions in foreign markets may be subject to regulations that differ from or offer less protection than those in the United States. OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST Malaysia RHB does not have qualified shareholding (1% or more) in the subject company (ies) covered in this report except for: a) RHB and/or its subsidiaries are not liquidity providers or market makers for the subject company (ies) covered in this report except for: a) RHB and/or its subsidiaries have not participated as a syndicate member in share offerings and/or bond issues in securities covered in this report in the last 12 months except for: a) RHB has not provided investment banking services to the company/companies covered in this report in the last 12 months except for: a) Thailand RHB OSK Securities (Thailand) PCL and/or its directors, officers, associates, connected parties and/or employees, may have, or have had, interests and/or commitments in the securities in subject company(ies) mentioned in this report or any securities related thereto. Further, RHB OSK Securities (Thailand) PCL may have, or have had, business relationships with the subject company(ies) mentioned in this report. As a result, investors should exercise their own judgment carefully before making any investment decisions.

9

Indonesia PT RHB OSK Securities Indonesia is not affiliated with the subject company(ies) covered in this report both directly or indirectly as per the definitions of affiliation above. Pursuant to the Capital Market Law (Law Number 8 Year 1995) and the supporting regulations thereof, what constitutes as affiliated parties are as follows: 1.

Familial relationship due to marriage or blood up to the second degree, both horizontally or vertically;

2.

Affiliation between parties to the employees, Directors or Commissioners of the parties concerned;

3.

Affiliation between 2 companies whereby one or more member of the Board of Directors or the Commissioners are the same;

4.

Affiliation between the Company and the parties, both directly or indirectly, controlling or being controlled by the Company;

5.

Affiliation between 2 companies which are controlled, directly or indirectly, by the same party; or

6.

Affiliation between the Company and the main Shareholders.

PT RHB OSK Securities Indonesia is not an insider as defined in the Capital Market Law and the information contained in this report is not considered as insider information prohibited by law. Insider means: a. a commissioner, director or employee of an Issuer or Public Company; b.

a substantial shareholder of an Issuer or Public Company;

c.

an individual, who because of his position or profession, or because of a business relationship with an Issuer or Public Company, has access to inside information; and

d.

an individual who within the last six months was a Person defined in letters a, b or c, above.

Singapore RHB Research Institute Singapore Pte Ltd and/or its subsidiaries and/or associated companies do not make a market in any securities covered in this report, except for: (a) The staff of RHB Research Institute Singapore Pte Ltd and its subsidiaries and/or its associated companies do not serve on any board or trustee positions of any issuer whose securities are covered in this report, except for: (a) RHB Research Institute Singapore Pte Ltd and/or its subsidiaries and/or its associated companies do not have and have not within the last 12 months had any corporate finance advisory relationship with the issuer of the securities covered in this report or any other relationship (including a shareholding of 1% or more in the securities covered in this report) that may create a potential conflict of interest, except for: (a) Hong Kong RHBSHK or any of its group companies may have financial interests in in relation to an issuer or a new listing applicant (as the case may be) the securities in respect of which are reviewed in the report, and such interests aggregate to an amount equal to or more than (a) 1% of the subject company’s market capitalization (in the case of an issuer as defined under paragraph 16 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (the “Code of Conduct”); and/or (b) an amount equal to or more than 1% of the subject company’s issued share capital, or issued units, as applicable (in the case of a new listing applicant as defined in the Code of Conduct). Further, the analysts named in this report or their associates may have financial interests in relation to an issuer or a new listing applicant (as the case may be) in the securities which are reviewed in the report. RHBSHK or any of its group companies may make a market in the securities covered by this report. RHBSHK or any of its group companies may have analysts or their associates, individual(s) employed by or associated with RHBSHK or any of its group companies serving as an officer of the company or any of the companies covered by this report. RHBSHK or any of its group companies may have received compensation or a mandate for investment banking services to the company or any of the companies covered by this report within the past 12 months. Note: The reference to “group companies” above refers to a group company of RHBSHK that carries on a business in Hong Kong in (a) investment banking; (b) proprietary trading or market making; or (c) agency broking, in relation to securities listed or traded on The Stock Exchange of Hong Kong Limited. 10

Kuala Lumpur

Hong Kong

Singapore

RHB Research Institute Sdn Bhd Level 11, Tower One, RHB Centre Jalan Tun Razak Kuala Lumpur Malaysia Tel : +(60) 3 9280 2185 Fax : +(60) 3 9284 8693

RHB OSK Securities Hong Kong Ltd. th 12 Floor World-Wide House 19 Des Voeux Road Central, Hong Kong Tel : +(852) 2525 1118 Fax : +(852) 2810 0908

RHB Research Institute Singapore Pte Ltd (formerly known as DMG & Partners Research Pte Ltd) 10 Collyer Quay #09-08 Ocean Financial Centre Singapore 049315 Tel : +(65) 6533 1818 Fax : +(65) 6532 6211

Jakarta

Shanghai

Phnom Penh

PT RHB OSK Securities Indonesia Wisma Mulia, 20th Floor Jl. Jend. Gatot Subroto No. 42 Jakarta 12710, Indonesia Tel : +(6221) 2783 0888 Fax : +(6221) 2783 0777

RHB OSK (China) Investment Advisory Co. Ltd. Suite 4005, CITIC Square 1168 Nanjing West Road Shanghai 20041 China Tel : +(8621) 6288 9611 Fax : +(8621) 6288 9633

RHB OSK Indochina Securities Limited No. 1-3, Street 271 Sangkat Toeuk Thla, Khan Sen Sok Phnom Penh Cambodia Tel: +(855) 23 969 161 Fax: +(855) 23 969 171

Bangkok RHB OSK Securities (Thailand) PCL 10th Floor, Sathorn Square Office Tower 98, North Sathorn Road, Silom Bangrak, Bangkok 10500 Thailand Tel: +(66) 2 862 9999 Fax : +(66) 2 862 9799

11

CapitaMall Trust (CT SP) Yet Another Successful AEI

ct-14. D ec. -14. Fe b. -15. V o. l m. Source: Bloomberg. Avg Turnover (SGD/USD) ..... to provide investment banking or other services to the subject company(ies).

302KB Sizes 3 Downloads 189 Views

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